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Overview

Every one of us has Life goals that we want to achieve in life. But some of the Life Goals are non-negotiable and we would like to achieve them with guarantee. Smart financial decisions, such as investing in guaranteed income plan, might help to turn these Life Goals into a reality.

Bajaj Allianz Life Guaranteed Income Goal is A Non-Linked, Non-Participating Endowment plan that offers an option to take policy benefits either as lumpsum or in installments, which are guaranteed, taking us closer to our Life Goals. With options like Extended Life Cover, and guaranteed  increasing income (if opted for), it is designed to achieve your Life Goals with certainty.

  1. 1

    Choose the variant as mentioned below:

    You can customize your policy to suit your requirement in the following manner:

    • Income Benefit
    • Lump-sum Benefit
  2. `
  3. 2

    Choose the Sum Assured

  4. `
  5. 3

    Option to choose Extended Life Cover (ELC)

    To extend your Life Cover beyond your Policy Term

  6. `
  7. 4

    Choose your Policy Term (PT)

  8. `
  9. 5

    Choose your Premium Payment Term (PPT) from available options

    The premium calculated will depend upon the variant & options chosen by you as mentioned in the steps.

  10. `
  11. Note -
    1) Variant can be chosen at inception only cannot be changed subsequently
    2) ELC option has to be chosen at inception only and cannot be opted for or opted out of (once chosen) subsequently.
    3) Please note that the Basic Sum Assured is lower than the total premiums paid and varies between 13.46% to 70.03%. of the total premiums paid depending upon the age of the Life assured, policy term, premium paying term

  12. `

Mr Srinivas, 50 years old

Mr Srinivas is 50 years of age and currently working for a leading media company. He is in the last leg of his employment and he is worried about the expenses which will come every year when he is retired. He has the below concerns:

1. Pensions falling short in later years of his retirement

2. Zero risk appetite in that age

3. Financial security for spouse

  • Retirement Goal

He takes Bajaj Allianz Life Guaranteed Income Goal (Without ELC) for ₹ 1 lac premium. He opts for Income benefit with policy term of 12 years & premium payment term of 12 years without Extended Life Cover where the Sum Assured is ₹ 2,31,939. Let’s see how does the benefit works out for him.

Policy Year

Life Assureds Age
(During the Year)

Annualized Premium(`)
(During the Year)

Income Benefit(`)
(End Of Year)

Death Benefit(`)
(End Of Year)

0 50 1,00,000 - 10,00,000
1 51 1,00,000 - 10,00,000
2 52 1,00,000 - 10,00,000
3 53 1,00,000 - 10,00,000
4 54 1,00,000 - 10,00,000
5 55 1,00,000 - 10,00,000
6 56 1,00,000 - 10,00,000
7 57 1,00,000 - 10,00,000
8 58 1,00,000 - 10,00,000
9 59 1,00,000 - 10,50,000
10 60 1,00,000 - 11,55,000
11 61 1,00,000 - 12,60,000
12 62 - 1,27,567 -
13 63 - 1,39,163 -
14 64 - 1,50,760 -
15 65 - 1,62,357 -
16 66 - 1,73,954 -
17 67 - 1,85,551 -
18 68 - 1,97,148  -
19 69 - 2,08,745 -
20 70 - 2,20,342 -
21 71 - 2,31,939 -
22 72 - 2,43,536 -
23 73 - 2,55,133 -
Total   - 22,96,198 -

The total premium that Srinivas will pay over 12 years is ` 12,00,000 for a chosen Sum Assured of ` 2,31,939; to receive a total Income Benefit of ` 22,96,198 over 12 years

1) The death benefit will be receivable by the nominee(s)/beneficiaries.
2) The premiums mentioned above are exclusive of any extra premium loading and Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws.

Documents you’ll need before investing

How

How to Choose the Best Critical Illness Cover for Yourself

READ MORE

Why

Everything You Need To Know About Critical Illness Health Insurance Plans

READ MORE

Know

Know 4 Different Types of Health Insurance Plans

READ MORE

⭐ By how much can I extend the life cover for?

The option of Extended Life Cover (ELC) allows you to extend the life cover after the policy term. This extension will be for a period equal to the Premium Payment Term (PPT) of your policy. For example, if you purchased Bajaj Allianz Life Guaranteed Income Goal with premium paying term of 5 years and a policy term of 10 years along with the ELC option, you will get additional life cover for 5 years after policy term. You can opt for ELC only at the time of inception of this guaranteed income plan.

⭐ Can I buy it in the name of my minor child?

Yes, you can purchase this guaranteed income plan in the name of your minor child provided he/she is more than six years of age. 

⭐ Can I convert from Lumpsum Benefit option to Income Benefit option and vice versa in the middle of the policy period?

You can opt for Lumpsum Benefit and Income Benefit variant only at the time of inception of the policy. It is not possible to convert from one variant to another during the policy term of this guaranteed income plan.

⭐ Are there any riders available in this product?

Bajaj Allianz Life Guaranteed Income Goal comes with five riders to help you enhance the insurance cover and meet life goals at a nominal extra cost. 

  • Bajaj Allianz Accidental Death Benefit Rider
  • Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider
  • Bajaj Allianz Critical Illness Benefit Rider
  • Bajaj Allianz Family Income Benefit Rider
  • Bajaj Allianz Waiver of Premium Benefit Rider

Life Insurance Glossary

  • A
  • C
  • S
  • W
  • Z

Accident

Accident means a sudden unforeseen and involuntary event caused by external and visible means.

Accidental Total Permanent Disability

Accidental Total Permanent Disability means the occurrence of a disability of the life of the Life Assured solely and directly due to an Accident as per the definitions and subject to the exclusions as specified in the policy document.

ATPD

ATPD means Accidental Total Permanent Disability

Critical Illness

Critical Illness means any Illness or condition specified in Annexure K of the policy document and shall include either the first diagnosis of any of the listed Illnesses or first performance of any of the covered surgeries and subject to exclusions as specified in the policy document

CI Benefit

CI Benefit means the benefit payable on the first diagnosis of the Life Assured with any specified Critical Illness. Please refer to Section 4 below for details.

Sum Assured

Sum Assured is the amount as specified in the Schedule for the Life Assured under the Policy.

Survival Benefit

Survival Benefit means any benefit that is payable under the Policy during the Policy Term based on the survival of the Life Assured to a specified date. There is no Survival Benefit under the Policy.

Survival Period

Survival Period means a period of thirty (30) days from the date of diagnosis of the Critical Illness as listed in the policy document.

WOP Benefit

WOP Benefit means the Waiver of Premium Benefit, which if applicable in the Variant chosen in the Policy, is a waiver of the future Regular Premium due, on the first occurrence of any death, CI and/or ATPD (as applicable) of the Life Assured who is also the Policyholder. Please refer to Section 4 below for more details.

Life Insurance for Life Goals Zp

A traditional life insurance plan only protects your family against the financial dangers posed by unforeseen death. But life insurance can be much more than a simple shield against financial hardship.

We all have some financial goals that we would like to reach in our lifetimes. These include buying a house, owning a car, getting our children settled, and having a comfortable retirement. Plans that combine the protection of life insurance with the growth of investment can help you reach all these goals, so that none of your dreams remain unfulfilled.

Life Insurance for Life Goals

A traditional life insurance plan only protects your family against the financial dangers posed by unforeseen death. But life insurance can be much more than a simple shield against financial hardship.

We all have some financial goals that we would like to reach in our lifetimes. These include buying a house, owning a car, getting our children settled, and having a comfortable retirement. Plans that combine the protection of life insurance with the growth of investment can help you reach all these goals, so that none of your dreams remain unfulfilled.

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